Fehr, Hans; Kindermann, Fabian - In: CESifo economic studies : CESifo, a joint initiative of … 56 (2010) 3, pp. 404-443
We study the inter- and intra-generational welfare consequences of alternative pension fund policies in response to … economy with heterogeneous agents featuring a two-pillar pension system modelled after that in the Netherlands (with pay …-as-you-go (PAYG) and funded tiers). We explore two policies to avoid underfunding of the pension funds. One emphasizes increases in …